N.J., June 16 Hilltop Community Bancorp, Inc. (OTC Bulletin Board: HTBC)
today announced that approximately 97% of outstanding warrants were
exercised by warrant holders on or before the May 31, 2006 expiration
date. As a result, $4.7 million of new capital was injected into the
Bancorp, increasing the equity base to support future growth. Shares of
common stock outstanding after the conversion of warrants totaled
In a joint
statement, Chairman of the Board Richard D. Wellbrock and President &
CEO Mortimer J. O'Shea said "We are very pleased that the warrants,
which were issued as part of a unit offering in 2003, were 'in the money',
providing a financial benefit to our loyal shareholders. In addition, the
Bancorp received this influx of capital without incurring significant
professional fees. This was part of our plan at the time of the offering
Hilltop Community Bancorp, Inc. is the parent bank holding company for Hilltop Community Bank. The bank is a New Jersey state-chartered commercial bank which commenced operations in February 2000. The Bank operates as a locally headquartered, community oriented bank engaged in a general commercial banking business. The Bank has offices in Summit, Berkeley Heights and Madison, and administrative offices in New Providence. The service area includes surrounding communities in Union, Essex, Morris and Somerset Counties.
The foregoing contains forward-looking statements within the meaning of the private Securities Litigation Reform Act of 1995. Such statements are not historical facts and include expressions about management's confidence and strategies and management's expectations about new and existing programs and products, relationships, opportunities, technology and market conditions. Such forward-looking statements involve certain risks and uncertainties. These include, but are not limited to, the direction of movement in interest rates, the possibility of disruption in credit markets, successful implementation and integration of acquisitions, the effects of economic conditions and the impact of legal barriers and structures. Actual results may differ from such forward- looking statements. The Corporation assumes no obligation for updating any such forward-looking statements at any time.